Govt Grant Received by Trust towards Corpus Fund is Not Chargeable to Tax

DCIT (E) Vs Electronics & Quality Development Centre (ITAT Ahmedabad)

Insofar as the grant of Rs.6,18,22,000/- received by the assessee-trust from the Government of Gujarat is concerned, it is observed that the said grants were directly taken by the assessee-trust to the corpus funds in the balance-sheet. The Assessing Officer, however, did not accept this treatment given by the assessee-trust and treated the same as income of the assessee mainly on the ground that there was no specific direction of the donor that the sa

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